Hot Melt Adhesives Market Opportunities, Challenges, Trends, Size And Growth, Competitive Analysis, Major Competitors And Porter Analysis

Press Release

The  adoption of new assembly methods over traditional ones by automobile manufacturers is gaining popularity in the hot melt adhesives market. Earlier, mechanical fasteners or welds were used to bond various parts of vehicles as these techniques offer high strength and performance. But, now consumer preferences for vehicle design are changing, leading to the use of nonferrous metals, lighter gauge metals, plastics, and coated steels for manufacturing. This is creating a high demand for new assembly methods, which is resulting in the surging use of hot melts for bonding automobile parts.

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One of the key drivers behind the hot melt adhesives market is the rising spending power of people in emerging economies. Countries such as China, India, and Indonesia have been undergoing speedy economic growth, which is reflected in the rising per capita and disposable income. This factor is leading to an increasing usage of these adhesives and sealants in the production of footwear, clothes, and electronics, as the demand for these products is growing here. For instance, in electronics, holt melt adhesives are used in joining two substrates. Thus, the growing consumer goods demand is expected to boost the market progress during the forecast period.

Further, owing to the surging environmental concerns, organizations are manufacturing bio-based hot melt adhesives instead of chemical-based ones to improve sustainability. For instance, DowDuPont Inc. has created MOR-AD, a new hot melt adhesive, which provides several advantages, such as high stability, adhesion, and water resistance on various substrates, in a range of applications. Hence, bio-based products are projected to create huge opportunities for players participating in the hot melt adhesives market.

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On the basis of application, the hot melt adhesives market is categorized into packaging products, furniture, automobile, diapers, footwear, textile, and bookbinding. Out of these, during the 2018–2023 period, the furniture category is expected to see the fastest growth in terms of sales volume. This is attributed to the rising usage of these materials to meet the demand of the surging population for furniture in countries such as India, China, and Germany. Such materials are used to plug the holes in wooden boards and for edging and veneer surrounds, as these offer better stability and longevity.

Thus, with increasing consumer spending power in emerging economies and surging environmental concerns, the market is anticipated to thrive.

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